The military's role is critical to any country's physical security and mental peace. Our military heroes guard the borders to prevent enemies from infiltrating our country. They sacrifice their lives, while we, as civilians, hardly ever learn about the lives lost. However, the Indian government does its bit to provide some exclusive benefits to military personnel and their family members to help manage their finances. This armed forces flag day, let's assess these financial perks and how military families can utilise them.Armed Forces Flag Day: Significance
India celebrates Armed Forces Flag Day on 7th December every year. In August 1949, the defence ministry agreed to observe Flag Day. It signified the general public's responsibility to look after the dependents of military personnel fighting for the country. On this day, the three branches of the armed forces – the Indian Army, the Indian Navy and the Indian Air Force, arrange entertainment programmes to spread awareness about the military's efforts to ensure national security.Financial perks for military families
The Indian government offers various perks to help military families reduce their financial stress. Here's what you can do as members of military personnel's families to manage your finances better.
- Shop at the Canteen Stores Department (CSD)
Family members of Defence Personnel can buy household provisions, appliances, clothing, and sports equipment at discounted prices at CSDs. Most CSDs are typically located within military colony premises.
- Use military discounts wherever possible
As a military family member, you can enjoy attractive discounts on various civic facilities. For instance, you can get discounts on buses, trains, air travel, and other forms of public transportation.
- Obtain loans at discounted rates
Several banks and NBFC lenders offer loans to military families at discounted interest rates, thus enabling them to purchase properties and vehicles. You can enjoy processing fee waivers, longer repayment tenures, etc.
- Leverage military spouse employment benefits
As a spouse of a defence personnel, you can get jobs at various government-owned organisations through referrals. Such jobs come with additional benefits like insurance, provident fund, job security, etc., further improving your financial prospects.
- Use government accommodation
One of the most significant benefits of being employed by the military is the housing benefit the government offers. You can save your rent or EMI money by staying at fully furnished military quarters and savings your money for other purposes.Health insurance for military personnel
Among the many financial perks the government offers military personnel, health insurance is perhaps the most critical. The insurance policy enables our military heroes and their family members to bear the costs of various kinds of medical conditions. The government extends the insurance benefit even after retirement. However, the insurance policies typically come with lower sums insured, which may not be sufficient to bear the rising medical costs. Thus, it is essential to enhance your health insurance coverage. You may do so by improving the coverage on the government-provided policy or purchasing an additional, separate health insurance policy. You may also add various riders to the government-sponsored health insurance plan.
This Indian Armed Forces Flag Day, ensure your financial security by investing in health insurance.Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.